The amount of the deal was not disclosed.
Founded in 2002 by Jack McCollough and Lazaro Hernandez, Proenza Schouler is a global luxury accessories and women’s apparel business with points of sale in more than 20 countries worldwide through department stores and boutiques and ten freestanding stores.
As part of the transaction, Shirley Cook, the CEO since the company’s founding, will be stepping down. In addition, Ron Frasch, former President and Chief Merchandising Officer at Saks Fifth Avenue and currently an operating partner at Castanea, will be joining Proenza Schouler’s Board of Directors, along with Brian Knez, a Managing Partner at Castanea. Additionally, Ron will assume responsibilities as interim CEO.
Other board members include Rose Marie Bravo, former CEO of Burberry Group Plc, John Howard, Chief Executive of Irving Place Capital, and Andrew Rosen, CEO of Theory, Inc.